Riyadh-Mubasher: National Industrialization Co. (Tasnee) said its subsidiary Advanced Metal Industries Co. (AMIC) and TOHO Titanium Co. finished the procedures of establishing Advanced Metal Industries and Toho titanium Co.
The new company will own and implement the titanium sponge production project, with SAR 412.5 million in capital.
AMIC will own 65% of the new entity, while TOHO will hold the remaining 35%.
The initial titanium sponge project capacity is 15,600 tonnes per annum, with an estimated cost of $440 million.
The trial and commercial startup will commence during the second half of 2017.
